Libya signed a 25-year oil development agreement on Saturday with France's TotalEnergies and U.S.-based ConocoPhillips, involving more than $20 billion in foreign-financed investment, Prime Minister Abdulhamid al-Dbeibah said. Waha, a subsidiary of Libya's state-run National Oil Corporation, operates five main oil and gas fields as well as several producing subfields, connected by pipeline networks that transport crude to the Sidra oil terminal and gas to processing facilities. The government also signed a memorandum of understanding with U.S. oil major Chevron and a cooperation agreement with Egypt's oil ministry during the Libya Energy and Economy Summit being held in Tripoli. Libya is one of Africa's biggest oil producers and a member of the Organization of the Petroleum Exporting Countries (OPEC). Disputes between armed rival factions over oil revenues have often led to oilfield shutdowns.

Source: Libya Today January 26, 2026 09:41 UTC